https://www.taxtmi.com/caselaws?id=775777 The ITAT Mumbai-AT set aside the addition under section 68 for failure to establish the identity and creditworthiness of the loan creditor. Although the original loan creditor was struck off by the MCA, the assessee repaid the loan to the creditor's sister concern as directed. The transaction and repayment were routed through banking channels, and evidence was submitted but not accepted by the AO and CIT(A). The tribunal found that the assessee was denied a reasonable opportunity to prove the transaction and repayment. The matter was remanded to the jurisdictional AO for verification of repayment to the sister concern and the loan transaction. The appeal was allowed for statistical purposes. en-us Tue, 15 Jul 2025 00:00:00 +0530 Thu, 31 Jul 2025 08:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775777 The ITAT Mumbai-AT set aside the addition under section 68 for failure to establish the identity and creditworthiness of the loan creditor. Although the original loan creditor was struck off by the MCA, the assessee repaid the loan to the creditor's sister concern as directed. The transaction and repayment were routed through banking channels, and evidence was submitted but not accepted by the AO and CIT(A). The tribunal found that the assessee was denied a reasonable opportunity to prove the transaction and repayment. The matter was remanded to the jurisdictional AO for verification of repayment to the sister concern and the loan transaction. The appeal was allowed for statistical purposes. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775777